COMMODITY MARKET: GOLD TURN POSITIVE ON GLOBAL DEMAND, CRUDE OIL FUTURES RISE ON SPOT DEMAND

Domestic commodity market was trading positively on Tuesday with bullion and base metals price were trading positive followed by energy commodities. At the same time Agri commodities were trading with negative note. On MCX, Natural Gas, Zinc, Silver, Crude oil were extended their gains on Today. Most of the commodities have shown positive sign on MCX.

Commodities Buzz:

Gold futures prices in the domestic market opened on negative and continued its downward journey in the morning trade. Again Gold future turned onto positive note in the afternoon session, as hopes of further global stimulus to stem the economic toll from the COVID-19 pandemic countered a firmer dollar.On MCX, Gold Feb futures rose 0.21% at ₹48996 per 10 gram. Silver Mar futures jumped 0.95% higher to ₹66050 per kg. MCXBULLDEX Jan delivery was trading 0.43 % higher at ₹ 15278 unit.

Crude oil Jan delivery prices rose by 0.81% to ₹3844 per barrel on Tuesday as participants widened their positions on firm spot demand and touched an intraday high of ₹3854 and an intraday low of ₹3817 per barrel on the MCX. Natural Gas stood as the top gainer after a heavy down fall on Monday. Natural Gas Jan delivery future was trading higher by 1.88% to ₹ 195.20 per mmBtu.

MCXMELTDEX Jan delivery was trading 0.49 % higher at 13646 unit. Base metals traded firm on Tuesday with Zinc and Copper prices were trading with modest gains while Nickel prices was trading lower followed by Alumminium. Base metals traded up on dollar decline and expectations of higher stimulus from US to support economic recovery. The recent rounds of positive economic data from US and China have supported base metals to find support. Base metals traded higher on Monday with Copper and Nickel prices rallied on demand growth optimism. Among Base metals commodities Zinc stood as top gainer, gained by 0.98% at ₹ 610.15 per kg and Copper jumped by 0.53% at ₹ 610.35 per kg .Lead future up by 0.30% at ₹164.95per kg. Other commodities were trading on marginal negative in evening session.

Under Agri index, CPO was trading down by 2.75% as speculators reduced positions amid low demand and Mentha oil was trading lower by 0.79% at ₹970.10 per kgs. Cotton Jan future was trading higher by 0.57% at ₹. 21140 per bales.